Canadian fintech Lendified’s subsidiary Vault Circle Inc. has received an exempt market dealer license from the Ontario Securities Commission (OSC) for its investment business.
“The OSC approval represents a historic leap forward for Canada’s fintech sector,” Vault Circle chief compliance officer and managing director Marcel Schroeder said. “Once launched, our platform will provide accredited investors with access to an exciting alternative investment option not available in Canada today.”
The three parties worked together to develop regulatory requirements to the online lending business while building in investor protection measures. Lendified plans on expanding to other provinces.
“As well as offering a new opportunity to investors, this approval strategically provides Lendified with another source of funding to meet the growing demand for online small business loans in Canada, and marks another chapter in our continued growth story,” Lendified founder and CEO Troy Wright said.